Zurich Australia appoints chief risk officer
Zurich has appointed David Wainwright as its chief risk officer for Australia and New Zealand.
Former ASIC Commissioner to chair Insignia trustee board
Insignia Financial has appointed former ASIC Commissioner Danielle Press as chair and non-executive director of the Insignia Financial trustees.
Cbus faces SIS Act breach if CFMEU board seats remain vacant
The $94 billion Cbus super fund may breach the SIS Act if three employee-representative vacancies on the board of its trustee, United Super, are not filled within 90 days. The risk has emerged following the forced administration of controversial trade union the CFMEU, and APRA-imposed licence conditions on United Super and BUSSQ.
Super funds take notes from managers on efficient investment practices
Participating in a roundtable hosted by APRA and ASIC, top super fund chief executives have acknowledged that they can learn from asset managers when it comes to establishing more efficient in-house investment management practices as funds continue their internalisation journey, but argued that the two models have significant risk culture differences.
Betashares completes acquisition of Bendigo Super
Betashares has completed the acquisition of the $1.4 billion Bendigo Superannuation, officially marking its entry to the retirement industry.
ASIC calls on super funds to better engage with millennials
ASIC’s Moneysmart has urged super funds to better engage with millennial members and improve services, transparency and access to information, following a roundtable with financial advisers, research and content creators.
Pressure mounts on YFYS test to evolve after zero MySuper fails
For the first time since the introduction of Your Future Your Super, every MySuper product has passed the annual performance test. Despite the improved results, there are urgent calls for the test to evolve to consider a wider range of performance factors and be extended to retirement products.
The name of the YFYS game must be members’ best interests
Every MySuper fund seems to have worked out how to play the Your Future Your Super annual performance test game. But the current test distorts funds’ behaviour and can lead to poorer outcomes, so it’s time to get on with the task of redesigning the test to make sure it really works in members’ interests.
APRA restructure raises concerns over prudential direction
APRA has unveiled its first major restructure since 2019 following the Hayne royal commission, but regulation expert and UNSW associate professor Scott Donald has questioned whether the decision to combine life insurance, private health insurance and superannuation into a single ‘frontline supervision division’ is the best way to serve its prudential regulation purpose.
NGS Super appoints chair, director
NGS Super has appointed John Battams as its independent chair, starting in the new year and replacing Geoff Newcombe who is stepping down on 31 December 2024.
Quality over quantity on member data for CSC
Modern super funds are hungry for data to improve the member experience but Commonwealth Superannuation Corporation chief customer officer Adam Nettheim says too much data can be a problem rather than an advantage. In developing the fund’s latest Retirement Income Strategy, he says finding the data points that actually matter is a big challenge.
Batten down the assets for a volatility storm brewing
Cross-sectional volatility in equity markets may be at an all-time low, but an Investment Magazine roundtable has heard that the frequency and severity of shocks has never been higher. In this environment, investors must be braced for the possibility of a volatility storm just over the horizon.
